Shadow chancellor Ed Balls
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Ed Balls 'supports Bank of England bonus clawback plan'

The Bank of England is due to unveil a plan which may see rule-breaking bankers return bonuses up to seven years after being awarded them.

Speaking on BBC Radio 4's Today programme, shadow chancellor Ed Balls welcomed the idea, saying the Bank of England is "doing the right thing".

He added that the need for much tougher regulation, criminal penalties and "fairness and accountability in pay" are all lessons to be learned from the financial crisis.

First broadcast on BBC Radio 4's Today programme on Wednesday 30 July.

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